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Corporate governance and its implications for economic growth. The case of Romania

Domenii publicaţii > Economie + Tipuri publicaţii > Articol în revistã ştiinţificã

Autori: Dobrescu Monica, Paicu Claudia Elena

Editorial: Valahian Journal of Economic Studies, Volume 2 (16)/2011, Issue 2, ISSN 2067-9440, Volume 2 (16), p.45 - 52, 2011.


The fundamental objective of this paper is to reveal the importance of corporate governance as a determinant of economic growth, especially for transition countries, due to its ability to improve competitiveness, to strengthen competition and to contribute to the development of capital markets. In the first section of the paper we examine the various mechanisms linking economic growth to corporate governance systems. The second section of the paper presents the corporate governance system in Romania and carries out a similar analysis regarding the relationship between corporate governance and growth in the case of Romania.
We find that a standard model of economic growth based on corporate governance does not exist, in fact a universally applicable model cannot even be conceived; each and every model must be adapted to the particular economic circumstances in every country, since corporate governance is dependent upon the system of law, the structure and development of capital markets, the capital structure and the shareholder structure of the companies.

Cuvinte cheie: Corporate governance, corporate law, transition economies, economic growth